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Bondholders appeal against MyTravel restructure ruling
MyTravel bondholders have confirmed that they have lodged an appeal against rescue plans for the company.
The news came as MyTravel pushed back an egm for shareholders discuss its debt restructuring plans by four days to Christmas Eve.
The bondholders have notified MyTravel that they have applied to the Court of Appeal seeking permission to appeal against the proposed scheme of arrangement.
They are seeking to reverse a judge’s ruling that they had no interest in the group’s £800 million restructuring.
The troubled parent company of Airtours and Going Places had originally set the egm date for December 20 after winning High Court approval last week to go ahead with the rescue plan despite opposition from bondholders.
In a circular to shareholders MyTravel chairman Michael Beckett apologised for the delay to the egm but made no mention of whether the appeal by bondholders had influenced the decision.
He said: “The board recognises that for many shareholders December 24 may not be a convenient date.
“Unfortunately, it has simply not been possible to process the documentation quickly enough to call the meeting for an earlier date.
“The board apologises to shareholders but trusts that they will understand that it is necessary in order to meet the objective of restructuring by the end of the year.”
Report by Phil Davies
Phil Davies
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